Chainlink LINK Soars to $24 as Whale Activity Intensifies, $29 Target in Sight
Chainlink's native token LINK surged to $24 this week, hitting its highest price since February 2. The rally occurred alongside increased whale activity, with Santiment data revealing an average of 713 daily transfers over $100,000 between August 9-12.
Exchange balances paint a bullish picture - centralized platforms experienced a 9.8% drop in LINK holdings over eight weeks, losing 20.69 million tokens. This supply reduction aligns with LINK's price movement, which saw 13% gains in 24 hours and 50.8% weekly growth.
Currently trading at $24.28, analysts identify $29 as the next key resistance level. Market experts highlight the combination of whale accumulation and exchange outflows as creating a classic bullish scenario for the oracle network's token.
